Important Attributes in Entrepreneurship Essay Example | Topics and Well Written Essays - 4750 words

Important Attributes in Entrepreneurship - Essay Example This essay discusses that pursuit of an entrepreneurial dream starts with a viable dream. Entrepreneurship begins with conceptualizing a new idea, drawing a business plan, and making decision concerning the legal structure. Additionally, basic tactics such as pursuing an international opportunity or starting a new business venture, and financing issues are also considered before one can embark on the entrepreneurship journey. Most people, who venture into entrepreneurship, prefer a new business rather than already existing business opportunities. Some people begin with a desire to begin a business and then look for an idea while others start by having an exciting idea and then consider entrepreneurship later. However, there are basic issues that one must consider when considering an entrepreneurial venture. Some of these basic issues include finances, industry concerned, legal issues and potential risks and rewards. It is thus important for entrepreneur to consider various things tha t would boost or affect their success in the pursuit of small businesses. Entrepreneurship refers to the undertaking of innovations, or business acumen with the aim of transforming the innovations into useful economic goods. The undertaking may result in a new business or new organization. Entrepreneurial activities differ substantially depending on the conceptualized business idea and they range from solo business projects to major undertakings that create job opportunities. (Reuvid, 2008, p. 16). Most successful entrepreneurs demonstrate certain personal attributes such as dedication, creativity, flexibility, determination, passion, leadership, and self-confidence. Creativity is a spark that drives development of new services and products and pushes for improvement and innovation. Creativity allows for continuous learning, thinking beyond prescribed formulas, and questioning various possibilities. Determination is a strong desire to attain success and it includes ability to contin ue pursuing even during difficult times. It also persuades the entrepreneur to remain motivated and not necessarily by money gained from the business venture. Dedication motivates entrepreneurs to work hard and drive their ideas and plans. Flexibility refers to the entrepreneur’s ability to take a swift move in response to change in market conditions. Leadership is the capacity and ability to formulate rules, set goals, and ensure follow-through, and accomplishment of the established goals (Mariotti & Glackin, 2011, p. 63). Self-confidence rises from thorough planning since effective planning reduces uncertainty and risk. Effective planning requires expertise and skills. A self-confident entrepreneur is not easily intimidated or discouraged by market changes or challenges faced in business. More often, an entrepreneur will not demonstrate all these attributes and may lack one of them or even have only one or two of the attributes. The important thing is that the attributes ca n be learned. The entrepreneur, for instance, could hire someone to help him build or strengthen weak areas and attributes. Of importance is to know the personal strength and build on it while putting effort to minimize the weaknesses (Boone & Kurtz, 2010, p. 32). It is however, critical for entrepreneurs to ensure that they have developed these attributes for successful entrepreneurship. For instance, it is futile to start a business venture with little or no confidence in workability of the venture. Self-confidence instills optimism, which resembles fearlessness to face difficult odds. Self-confidence and determination helps one to see opportunities where other people see danger lurking (Bone & Kurtz, p. 240). Entrepreneurs conceive new ideas and devise innovative ways that helps overcome the difficult situations and problems. Creativity is a common denominator in entrepreneurship (Bone & Kurtz, p. 241). Besides the mentioned attributes, it is important to develop relevant values and integrate them within the business culture. Such